Sector: PROPERTY & CONSTRUCTION

For example, there is research indicating demand for 50,000 more construction managers in Australia, over the next five years and in the UK some 20% of the construction workforce is due to retire in the next 5 to 10 years. However, in general terms at least, the property boom continues in Europe and North America, while there is a relative slowdown in Asia and the Middle East.

AGN member firms help clients deal with these challenges, everyday, all over the world. They service a vast array of businesses in the property & construction sector including;

The sector spans global commercial property developers, the big construction contractors and the huge capital investment funds. Critically these businesses support many more subsidiary or supply chain businesses that form part of the property & construction sector - and it's these SME and family businesses that AGN member firms specialize in servicing.

The challenges that these businesses are facing include shortages of land and skilled resources, rising raw material costs, fluctuations in domestic and international property demand, the introduction of new technology and the need to comply with increasingly complex environmental regulations.

Property - Participation in a consortium of an important Swiss railway project

April 2017

Our client is a worldwide construction group based in the European Union, active in special construction projects. The client has participated for almost ten years in a consortium to build a 54 km railway tunnel in Switzerland crossing the Alps, and needed to establish a Swiss branch and employ hundreds of foreign workers on a rollover basis.
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Property - Acquisition of non-residential premises in Prague

March 2017

Our client is a successful budget design hotel brand with more than 50 hotels in Europe, and decided to open a luxury hotel also in Prague. For this, they needed advise on the negotiation and transaction progress, we could help them to successfully acquire the premises as they desired.

Real Estate – Private equity real estate investment

February 2017

Our client is a private equity real estate investment, asset management and development group based in and focused on Munich, the third largest European office market after London and Paris, and the Munich metro region with a population of 6 million.

VAT classification of real estate transactions

April 2017

The Polish tax authorities appear to be changing their approach to the VAT classification of real estate transactions trying to deny refunds of VAT charged on the sale of leased commercial real estate (such as retail parks or office buildings)

Stamp Duty Avoidance Ruling

UK Business Premises Renovation Allowance (BPRA)

February 2017

BPRA is a useful relief in the UK for developers, also overseas developers, in projects in disadvantaged areas, but the relief is due to cease at the end of March 2017, so developers should plan their cash flow on such projects now with urgency.

What is BPRA: BPRA was introduced in April 2007. It is a 100% tax allowance for certain spending for businesses converting or renovating unused qualifying business premises in a disadvantaged area.

UK Brexit affecting the UK property and construction sector

September 2016

The property sector had been awash with caution and hesitancy. International investors require stability and some inward investment has been delayed until it becomes more certain whether and when the UK decides to leave the EU and what trading model it will adopt. On the other hand, the post-referendum fall in Sterling has made UK property much more attractive in foreign currency terms.

TAX AND OTHER CHANGES 2016

August 2016

There have been some sweeping changes in tax legislation in Poland which have come into effect in 2016. Click on the link below to find the main changes that affect - among others - the property & construction sector.

Offshore owners of UK property may be subject to UK tax

July 2016

Legislation has been introduced, effective from July, to bring within the scope of UK taxation profits or gains from the disposal of UK land or buildings made by those based offshore. It is aimed primarily at developers and speculators. Historically some offshore developers have been able to avoid UK taxation on UK property developments by relying on tax planning involving offshore jurisdictions and ensuring that no taxable UK presence was created.

UK Budget 2016 changes affecting the property and construction sector

April 2016

Lower business rates: from April 2017, rate payers that occupy a single property with a rateable value of £12,000 or less will pay no business rates. Currently, this 100% relief is available for a business that occupies a property (e.g. a shop or office) with a value of £6,000 or less. There will be a tapered rate of relief on properties worth up to £15,000. This means that 600,000 businesses will pay no rates.

TREATMENT OF CONSTRUCTION CONTRACTS VS. SALE OF GOODS TO BE INSTALLED

March 2016

Article 17, paragraph 6, point a) of Presidential Decree 633/1972, provides for the application of the VAT reverse charge mechanism for the supply of services made in the construction sector by subcontractors contracted by companies that carry out construction or restructuring of real estate property, or by general contractors or other subcontractors.

AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office 24 Greville Street, London EC1N 8SS, United Kingdom.

AGN International Ltd (and its regional affiliates; together "AGN") is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other's services, actions or inactions.

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DISCLAIMER

AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office 24 Greville Street, London EC1N 8SS, United Kingdom.

AGN International Ltd (and its regional affiliates; together "AGN") is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other's services, actions or inactions.